A look at NFT the market has shown that neither Ethereum [ETH] nor Salt flats [SOL] was the best performing chain in the last 24 hours. surprisingly, Binance Coin [BNB] took the central place among the top three, according to CryptoSlam.
Normally, the NFT community would not expect BNB to overtake ETH or SOL in sales volume. Of course, that was the case. However, it appeared that merchant participation, interest on collections and transactions were transferred to BNB and not the other two.
According to the data of the NFT platform, the volume of BNB NFT sales increased by 57.52%. This increase was enough to increase the volume to $625,966. Although it did not reach the millions of dollars recorded by ETH and SOL, it was the largest increase among them.
The increase in transaction volume brought the total sales volume for August to $13.10 million. Despite the performance, it was still the lowest monthly volume BNB has accumulated in four months since hitting a low of $9.80 million in April.
So BNB may have to up its game beyond the 2132 transactions that happened on the last day of August.
However, in the case of BNB, it is not all about the green, as the price of the exchange token did not act in line with the state of the NFT. CoinMarketCap reported a 13.61% drop in volume at press time.
Additionally, the price fell to $276.72, following a decline in many top cryptocurrencies.
Looking at the charts, it seems that the BNB is not ready to be put out of its misery. This is like a Movement The Average Convergence Divergence (MACD) was clearly below the histogram with signs of continued bearish movement.
Also, sellers (orange) appeared to hold position against BNB buyers (blue). For the Awesome Oscillator (AO), it was a similar position with a negative value at -2.8.
BNB may have added more investors to its flock as Saintly they discovered an increase in the number of active addresses 24 hours a day. However, the 30-day market value to realized value (MVRV) appears to be decreasing.
With these conflicting metrics, there was no clear direction as to where the BNB was going. Because of this difference, BNB investors may have to back off any stance given the current momentum.
This “separation”, however, did not prevent the BNB from providing new developments. Lately, its parent company, Binance, announced that it will support the upgrade of the BNB chain. Based on the details, BNB will go through a network upgrade and a hard fork, but this will not result in a new token.
— Binance (@binance) September 1, 2022